News Article
Fairchild to reduce workforce
Fairchild Semiconductor has announced that the current financial crisis has initiated action to prevent more problems with a negative future being widely predicted.
The company has said it will cut its worldwide workforce by 12 percent, or about 1100 jobs. These job cuts will incur a one-time cash charge of $12 million to $16 million which the company expects to soak up during the current quarter and the first quarter of 2009.
The aggressive action by the company will would reduce wage costs by around $33 million a year. The financial community responded favourably to the cuts with shares of the company up 15 cents at $3.79 hours after the announcement.
The aggressive action by the company will would reduce wage costs by around $33 million a year. The financial community responded favourably to the cuts with shares of the company up 15 cents at $3.79 hours after the announcement.
